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LOGISTICS-
Kuwait-based logistics giant Agility has kicked off a SAR 250 mn (USD 66.5 mn) expansion of its Agility Logistics Parks (ALP) complex in Riyadh, according to a press release. The first phase of the project is expected to be operational by 1Q 2025.
The details: The expansion will add 100k sqm of Class A warehousing to the park, increasing the total size of the ALP Riyadh to over 551k sqm, the statement notes. ALP Riyadh offers storage, distribution, processing, and fulfillment services to major players in Saudi Arabia’s consumer, industrial, and e-commerce sectors.
CAPITAL MARKETS-
Riyad Capital has lined up approval from the Capital Market Authority for the public offering of its Riyad SAR Liquidity Fund, the authority said in a statement. No further information about the offering was provided.
ENTERTAINMENT-
The Cultural Development Fund signed 13 loan agreements under its cultural financing program to fund projects in the film industry on the sidelines of the Saudi Film Forum, according to state news agency SPA. The value and recipients of the agreements were not disclosed.
FINANCIAL SERVICES-
Sahm Capital Finance received the go-ahead from the Capital Market Authority to manage investments and operate funds, according to a statement from the authority.
DEBT WATCH-
#1- Eastern Province Cement Company hassigned a SAR 850 mn Shariah-compliant loan agreement with Saudi National Bank to finance a new SAR 1 bn production line with a daily capacity of 10k tons, it said in a disclosure to Tadawul. The nine-year financing agreement will also support working capital needs.
#2- Professional Medical Expertise Company signed a one-year SAR 74.5 mn Shariah-compliant loan agreement with Riyad Bank to fund existing projects and fuel expansion plans, it said in a disclosure to Tadawul.
#3- Vitrified Clay Pipe Co. signed a SAR 30 mn Shariah-compliant loan agreement with the Saudi Investment Bank to fund ongoing and future projects, as well as the issuance of bank guarantees and letters of credit, the pipe manufacturer said in a disclosure to Tadawul.
